KUALA LUMPUR: The Securities Commission has compounded Serba Dinamik Holdings Bhd and four individuals, including its CEO and top executives, with the maximum permissible sum of RM3mil each for charges of submitting a false statement to Bursa Malaysia Securities Bhd.

       In a statement issued today, the regulator said the Public Prosecutor had accepted the representation made to the Attorney-General's Chambers by the oil and gas firm and the individuals involved regarding the charges pending in court.

       The individuals involved in the charges are Serba Dinamik CEO/group managing director Datuk Mohd Abdul Karim Abdullah, executive director Datuk Syed Nazim Syed Faizal, group chief financial officer Azhan Azmi and vice president of accounts and finance Muhammad Hafiz Othman.

       "This is the maximum amount of compound permissible under Section 369(a)(B) of the CMSA for submission of false information in the company’s financial statement.

       "Serba Dinamik and the said individuals were earlier charged for submitting a false statement to Bursa Malaysia Securities Bhd on 26 February 2021, in relation to the revenue figure of RM6.014bil contained in Serba Dinamik’s Quarterly Report on Consolidated Results for the Quarter and Year ended 31 December 2020," said the SC.

       According to the SC, the compound was made with the written consent of the Public Prosecutor and pursuant to its powers under Section 373(1) of the Capital Markets and Services Act (CMSA).

       Meanwhile, Muhammad Hafiz was also issued with a compound of RM1mil, also the maximum amount permissible, for falsifying the accounting records of the company's subsidiary Serba Dinamik Sdn Bhd, which is an offence under section 368(1)(b)(i) of the CMSA.

       The SC said he was earlier charged for being involved in instructing the preparation of false documentations relating to the sale of Serba Dinamik Sdn Bhd.